---
title: "apxUSD Widens, Gauge Turns Cautious"
canonical: "https://pharos.watch/digest/2026-09-06/"
datePublished: "2026-09-06T08:05:47.000Z"
description: "apxUSD is 314 bps below peg on $314M of float, up from 289 yesterday and unresolved since the 2 June STRC drawdown. The Bank Run Gauge fell from 9.2 to -14.8 on"
---

# apxUSD Widens, Gauge Turns Cautious

## Executive Summary

apxUSD is 314 bps below peg on $314M of float, up from 289 yesterday and unresolved since the 2 June STRC drawdown. The Bank Run Gauge fell from 9.2 to -14.8 on flows of barely $1M.

## Extended

apxUSD widened to 314 basis points below peg from 289 a day earlier, and at $314.08M of market cap it is the largest of today's deteriorating pegs. The price is $0.968. The depeg traces to the STRC drawdown of 2 June, when apxUSD printed near $0.89, and it has not resolved since. Pharos grades it F at zero, exit score 45.3, with correlated exit routes flagged.

pmUSD widened again, to 5,177 bps below peg at $0.482 on $45.32M of supply, an ongoing critical event with no change in character. MSUSD narrowed from 5,240 to 5,017 bps, and the Avalon USDA line came in from 3,098 to 304 bps, a move large enough to warrant a second reading before anyone calls it a recovery. Nineteen depegs remain active and none resolved in 24 hours.

**Gauge turns cautious**

The Bank Run Gauge fell from 9.2 to -14.8 and into CAUTIOUS, while the flows behind it stayed small: M at net -$200K, USDai at +$1.13M, RLUSD at +$1.36M. Those pressure scores measure deviation from a 30-day baseline, so a $200K net burn can register at maximum intensity. Ethereum net inflows were +$114.36M across the same window.

PSI held at 91.9 for a 75th day in BEDROCK, severity 0.04, with total supply at $319.71B, marginally above the Digest-window high set yesterday. Twelve coins sit at DEWS ALERT, unchanged in count. If the gauge reaches -20 or lower at the next reading, flow stress takes over from peg stress as the leading signal, with M's pressure the most likely source.